In recent discussions surrounding Ripple’s native token XRP, a significant buzz has been created by an analyst’s prediction about the digital currency targeting new all-time highs. The prediction stems from the apparent bullish trend in the token’s price action, which seems to be asserting its dominance in the market. Will XRP price reach 3$?
Ripple wins SEC Lawsuit – What Happened?
XRP, following the Securities and Exchange Commission’s (SEC) lawsuit against Ripple, had faced a tumultuous journey. The legal proceedings had put a significant dent in XRP’s price, causing it to plummet and disconnect from the rest of the crypto market. However, the resilient cryptocurrency seems to have put this phase behind it and is charting its course for what could be a major upward journey as Ripple won the lawsuit recently and the final details are yet to be finalized.
XRP Price Analysis – An Ascending Triangle in Place
The bullish outlook for XRP is primarily based on the development of an ‘ascending triangle’ pattern in its price action. Ascending triangles are generally perceived as bullish indicators in technical analysis, suggesting a likely upward breakout. The pattern, when observed in the right market conditions, can often herald the start of a significant price rally.
XRP Price Prediction: Will XRP breach the resistance and go higher towards 3$?
One of the key hurdles in XRP’s way is the resistance level it needs to overcome for the bullish momentum to truly take off. Analysts believe that if XRP manages to break through this resistance level of 1$, it could trigger a rally that could see the cryptocurrency reach new all-time highs, potentially reaching 3$.